Gold prices maintained the bullish path, as we expected, bypassing the official station required to be achieved during the previous technical report at 2023, recording its highest level of 2028, continuing the rise at the expense of the US dollar.
Technically, and with a closer look at the 4-hour chart, we find that gold prices are trying to build a support floor above the 2010 level, and in general, above the support floor of the psychological barrier 2000. We also find that the price continues to obtain a positive incentive from the 50-day simple moving average that supports Possibility of further rise.
From here, with steady daily trading above 2000, the bullish scenario remains the most likely, knowing that price consolidation above 2030 increases and accelerates the strength of the bullish daily trend, to be waiting for an ounce of gold around 2040, an awaiting station.
We remind you that the price’s decline below the 2000 barrier leads gold to temporary negative pressure, aiming to retest 1990 before attempts to rise again.
Note: Today we are awaiting high-impact economic data issued by the US economy, “Core Retail Sales m/m”, “Retail Sales m/m”, “Prelim UoM Consumer Sentiment”, and we may witness a high fluctuation in prices at the time of the news.
Technically, and with a closer look at the 4-hour chart, we find that gold prices are trying to build a support floor above the 2010 level, and in general, above the support floor of the psychological barrier 2000. We also find that the price continues to obtain a positive incentive from the 50-day simple moving average that supports Possibility of further rise.
From here, with steady daily trading above 2000, the bullish scenario remains the most likely, knowing that price consolidation above 2030 increases and accelerates the strength of the bullish daily trend, to be waiting for an ounce of gold around 2040, an awaiting station.
We remind you that the price’s decline below the 2000 barrier leads gold to temporary negative pressure, aiming to retest 1990 before attempts to rise again.
Note: Today we are awaiting high-impact economic data issued by the US economy, “Core Retail Sales m/m”, “Retail Sales m/m”, “Prelim UoM Consumer Sentiment”, and we may witness a high fluctuation in prices at the time of the news.